Number of executives paid more than one hundred million yen hits record high under Abenomics

July 5, 2016

The number of corporate executives earning more than one hundred million yen a year hit a record high of 414. This indicates a growing income inequality as workers’ real wages have been declining for five consecutive years, Akahata reported on July 5.

Based on financial statements for the fiscal year ending in March 2016, a private credit research firm, Tokyo Shoko Research, found that 414 executive officers in 211 companies received compensation of more than one hundred million yen. The figure greatly increased under the Abe administration from 301 executives in 175 companies in the fiscal year ending in March 2013.

Those companies which provided many executives with huge amounts of compensation are mainly major exporters and securities companies as they have greatly benefitted from the weak yen and higher stock prices which were induced by the “Abenomics” economic policy. The number of executives paid more than one hundred million yen totaled 23 for Mitsubishi Electronic, eight for Toyota Motor, and seven each for securities companies Nomura Holdings and Daiwa Securities Group.